PAXAFE raises $2.25 million
Milwaukee-based provider of smart packaging technology for high-value products PAXAFE has raised $2.25 million in a seed round of funding led by Ubiquity Ventures, with Fintech Ventures Fund, Greenlight Re Innovations, and Sure Ventures as participants. To date, the company has raised ~$3.2 million.
Founded in 2018, PAXAFE has developed a contextualization platform that enables predictive routing, time of arrival, and adverse event prediction for B2B shipments. Over the past 6 months, PAXAFE has launched a series of paid pilots with enterprises across healthcare, perishables, oil & gas, logistics, manufacturing, jewelry, and insurance verticals. The company has also recently launched its commercial version of its platform, converting a number of its pilot customers to commercial partners.
“Having seeded the consumer lost-and-found tracker Tile as well as several other smart hardware companies, I’m always on the lookout for the next large problem to be solved by ‘software beyond the screen’. By thoughtfully applying smart hardware and AI, PAXAFE has early customers raving about their solution in a way that I rarely see for such a young company.” – Sunil Nagaraj, Partner at Ubiquity Ventures.
“PAXAFE’s CONTXT intelligence platform has helped UrbanStems optimize its inbound supply chain, streamline communications and relationships with vendors and 3PLs, and reduce overall product loss. We can’t be at every cross dock or drop off point, but PAXAFE’s platform helps our team contextualize how people are handling the product in real-time and lets us know exactly when it’s going to arrive. This data-driven approach transforms potentially tough conversations with vendors into specific information that they can leverage to improve their operations and service levels, which enables UrbanStems to deliver the freshest flowers of utmost quality to consumers.” – Orion Kobayashi, Senior Category Manager, UrbanStems
“Supply chain visibility brought us here today, but contextualization is the future. This new funding will allow us to expand our team with people who are passionate about our mission to redefine supply chain risk management.” – Ilya Preston, co-founder and CEO of PAXAFE.
